Solana (SOL) Price Long Term Prediction: Bullish
On November 11, Solana exceeded expectations and reached a high of $63.95. The altcoin is currently trading below the $64 barrier and has reached the overbought zone of the market. Further gains in the cryptocurrency are unlikely as a reversal at the recent high is likely, with a potential fall to a low of $41 or the 78.6% Fibonacci retracement.
Solana (SOL) Price Indicator Reading
It appears that Solana has reached bullish exhaustion as the price bars remain above the moving average lines. The cryptocurrency is pulling back towards the moving average lines as it reaches an overbought condition, with the current uptrend continuing as long as the price bars remain above the moving average lines. If the price falls below these lines, a downtrend begins.
Technical Indicators
Key supply zones: $60, $65, $70
Key demand zones: $30, $25, $20
What is the next move for Solana (SOL)?
Solana has reached bullish exhaustion after failing to break through the $64 resistance level and is now in a downtrend. The decline is expected to continue to the low of $41, and if the bears break below the moving average lines, the current rally will come to an end and the decline will resume.
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